The following Private Client practice note provides comprehensive and up to date legal information covering:
STOP PRESS: HMRC has updated its guidance on calculating the special price in Acceptance in Lieu cases where the 36% reduced rate of Inheritance Tax applies. For further information, see: LNB News 08/09/2020 73 and Capital taxation and tax-exempt heritage assets.
The Acceptance in Lieu (AiL) scheme allows those who are liable to UK inheritance tax (IHT) to apply to settle the tax by offering property in full or part payment of the IHT liability. Objects must be pre-eminent for their national, scientific, historic or artistic interest and HMRC and the Secretary of State must agree to the application. As with other heritage property reliefs, the aim of the AiL scheme is to ensure that pre-eminent heritage assets are retained in the UK for the public benefit rather than be sold to private dealers.
In common with the conditional exemption from IHT, the AiL scheme requires the heritage property to qualify and be designated as pre-eminent or otherwise be accepted by HMRC as qualifying for the scheme.
Any of the following property may be accepted by HMRC in satisfaction of the whole or part of an IHT liability:
any land (including any buildings on the land) as agreed with HMRC
any objects which are or have been kept in a particular building:
which has itself been accepted in satisfaction or
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